CANADA'S REVENUE

New Zealand Herald, Volume LXXI, Issue 21853, 16 July 1934, Page 5

CANADA'S REVENUE

INCREASE FOR QUARTER EXPORTS ALSO RISE (Received July 15. 5.5 p.m.) OTTAWA, July 11 Canada's revenue for June increased 4,224,000 dollars, making the total increase 15,000,000 dollars for the first three months of the fiscal year. The value of exports totalled 147,520,920 dollars for the three months, an increase of 35,971,000 dollars with a gain of 3,916,000 dollars in wheat.

WOOL INDUSTRY RECENT LONDON SALES POSITION UNDER REVIEW LONDON, July 33 The opinion that although the last series of wool sales in London was disappointing, the significance of lower prices has been very much overestimated, is expressed by a representative of H. Dawson and Sons, London woolbrokers. It is difficult to explain the psychology of the unexpected and temporary depression, says this expert, but it should be recalled that most exaggerated ideas of values were held from January to March and were governed largely by the expectancy of a considerable shortage of fine wools. Views are now similarly exaggerated iu the opposite direction when it is anticipated that there will be a large increase in the new clip..'According to the latest and most reliable reports it is doubtful if tho clip will be 150,000 bales more than last year. Among the adverse influences on prices is the failure of the AngloGerman conversations to ease the German situation.

The disquietude caused by tho German wool embargo is intensified by the possibility of developments by which Germany believes she might he able to replace raw wool imports with homemade artificial supplies. It may bo that Germany is maintaining the embargo hoping that substantial quantities of the artificial product will shortly bo available.

AUSTRALIAN WOOL HIGHER CLIP EXPECTED ESTIMATE OF 146,000 BALES The joint conference of the Australian Woolgrowers' Council and the National Council of Wool Selling Brokers held last week estimated tho new season's Commonwealth clip to be 3,146,000 bales. Tho ultimate total will depend upon the pastoral conditions experienced, and at present the season is far from generally favourable. The following figures show the quantity grown in Australia in recent years:— I Bales 1928-29 2.802,877 1929-30 2.5G7.000 1930-31 2,798,000 1931-32 3,051,000' 1932-33 3.20C.G10 1933-34 .. .'. . . '2,995,G5fi 1934-35 (estimated) . . 3.14G.000 Of the expected clip it is estimated that 2,860,000 bales will be received by the brokers in Australia and that the balance of 286,000 bales will be shipped abroad for sale. In addition to the wool to bo sold in Australia, there are 160,000 bales to be carried forward from tho present season, as a result of the cancellation of .the Juno sales, giving a grand total of 3,020,000 bales to be offered in the Commonwealth next season.

Tho selling season will commence in Brisbane during late August, followed by Sydney, then Adelaide on September 6, and Perth, September 17. Offerings throughout tho Commonwealth, including carry-over stocks, aro not to exceed 1,600,000 bales during tho first half of the season. This season 1,409,646 bales of the new clip were catalogued beforo Christmas. Tho quantity for tho coming six months is large, but its submission, or the offering of a smaller total, will depend upon the demand experienced.

ARTIFICIAL FIBRE TRADE REVIEW COMMENT Indirect reference to the report that Germany has almost perfected artificial ■wool is contained in the latest wool review of Winchcombe, Carson, Limited, which states: — "From time to time statements aro made that artificial fibres aro likely to displace wool. While the development in production of those materials has provided a supply which may bo blended with the sheep's staple if it becomes too costly, there is 110 evidence to date that an artificial product has been turned out which approaches wool as a desirable clothing fibre. Tho great growth in its use in Japan offers tho soundest evidence of tho degree to which tho staple is appreciated. _ A Japanese authority recently writing referred to the extent to which tho people now recognise the value of woollen goods owing to their hygienic effects and durability. The people in Japan who have onco used woollens will not give them up and the - nation is turning more and more to woollen textiles. Ho holds out no hope of Japan becoming self-sufficient in regard to wool requirements; she must continue, even more than in tho past,, to call on producing countries, especially Australia and New Zealand, for her needs." GOLD AND SILVER QUOTATIONS IN LONDON (Received July 35. 5.5 p.m.) LONDON. July 14 Fine gold is quoted to-day at £6 18s an oz., compared with £6 18s OJd yesterday, and £6 17s Hid on Thursday. Silver was quoted yesterday at 20 9-16 d an oz. spot, and 20 11-16 d forward, compared with 20id and 20gd on Thursday. Tho quotation for silver at per fine oz. yesterday was 22 3-16 d, compared with 22j}d on Thursday. HORSE FAIR AT KAMO KEEN COMPETITION [fxiom oub own correspondent] WHANGAREI, Saturday The North Auckland Farmers' Co-opera-tive, Limited, reports holding a very successful liorse fair nt Kanio yesterday. There was a large attendance and competition was keen fo> ali classes of horses. The top price was £43, for ft very nice heavy draught, mare sold by Mr. J. O'&hea. of Whangarei, to Mr. W. H Bradley, of Te Kopuru. The top prico for a gelding was £lO. the vendor and purchaser being the same as in 'he previous transaction. Heavy draughts made from £32 to £43; medium draughts, £23 to £37; light harness horses. £l6 to £2l; hacks, £7 to £l2: ponies and weeds, 10s to £5 10s.